The News Offers Anything but Clarity

While the economic news continues its downward sprial, locally in Princeton and the core towns surreounding Real Estate continues to defy the odds (at least the odds of those who predict doom and therefore want doom to be proven right).

• As of February 13th, nearly 40% of the the Weichert Princeton offices transactions booked YTD had multple bids! This number was suprisingly high even to me.
• Another 9 of my Associates reported losing deals to multiple bids.
• YTD the Princeton Office's Open House traffic (# of people visiting) is up over 40% over 2007 (same time frame) indicating a large pent up but very cautious demand for housing.
• Inventory in the core towns in Mercer County is actually down. (contact one of my agents for details, weichert.com/princeton)
• Although rates trickled up this past week we are in historic lows for rates. To put in perspective in 1980's they were at 18%...now they are at 6. Not sure how this is a 'high' rate in historical terms.

To sum it up, Real Estate is local.